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U.S. designates none of major trading partners as currency manipulator

All News 06:32 April 15, 2017

WASHINGTON, April 14 (Yonhap) -- The United States designed none of its major trading partners as a currency manipulator Friday, but put six countries, including China, Japan and South Korea, on its "monitoring list" for closer watch on their currency practices.

"No major trading partner of the United States met the standards identified in Section 3004 of the Omnibus Trade and Competitiveness Act of 1988 for currency manipulation in the second half of 2016," the Treasury Department said in a report to Congress.

"Additionally, U.S. Department of the Treasury established a 'Monitoring List' of major trading partners that merit close attention to their currency practices. Treasury finds that six major trading partners warrant being placed on the Monitoring List for special attention: China, Germany, Japan, Korea, Switzerland and Taiwan," it said.

Treasury Secretary Steven Mnuchin pledged to continue to monitor currency practices closely, saying that an essential component of the Trump administration's strategy is to ensure that American workers and companies face a level playing field when competing internationally.

"When our trading partners engage in currency manipulation, they impose significant, and often long-lasting hardship on American workers and businesses. Expanding trade in a way that is freer and fairer for all Americans requires that other economies avoid unfair currency practices, and we will continue to monitor this carefully," Mnuchin said.

U.S. designates none of major trading partners as currency manipulator - 1


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